09.26.2001 :: Title & Escrow
Do I Really Need Title Insurance?
by Randy Turnquist

The correct answer is "Yes & No".

If you are fortunate enough to be able to pay cash for a piece of Real Estate, No you do not need to pay for title insurance. The reality is that many people must borrow money in order purchase a home. In that case you must follow the golden rule, the one with the gold makes the rules.

The Lender will always require you to pay for a Title insurance policy that covers their loan. This does not cover you the owner or borrower. You must pay for a separate policy that covers you or your home & Land. Then you must also pay for the Escrow Services to process your transaction.

Yes this all adds up to some large numbers, but considering the size of the investment they are not that large. Also, for most people this will be their home, I personally don't wish to jeopardize my Home and Castle by trying to avoid a one time fee. I'll pay it and have peace of mind.

Randy Turnquist works at Old Republic Title. He can be reached via email at rturnquist@ortc.com or by phone at (831)462-0770